Swire Properties Ltd. said reversion increased in all of its office properties in Hong Kong, while sales dropped for all its retail properties in the city.
Reversion — or the percentage change in rent on lease renewals, entry into new leases and rent reviews — rose 12% in the Taikoo Place complex, 11% in the One Island East & One Taikoo Place project and 2% in its Pacific Place property.
However, retail sales fell 47.1% in the developer's The Mall at Pacific Place, 25.6% in Citygate Outlets and 20.3% in Cityplaza, the company said July 31.
Outside of Hong Kong, retail sales fell 48.2% in its Brickell City Centre mall in Miami.
Sales also dropped in the developer's mainland China properties — 38.1% in Taikoo Li Sanlitun, 15.0% in Sino-Ocean Taikoo Li Chengdu and 6.3% in its Indigo property. However sales grew 3.4% and 1.6%, respectively, in its Taikoo Hui asset in Guangzhou and the HKRI Taikoo Hui project in Shanghai.